Real Estate Buyer Tips
Purchasing Power. First determine how much you can afford
financially before you target real estate in a particular price range.
Your purchasing power will depend on your income and current monthly
Credit report. If you have any credit problems, get them
addressed before applying for a mortgage loan. A free annual credit
report is available at : www.annualcreditreport.com
Mortgage homework. Take the time to learn mortgage and home
buying terms and understand what they mean. Study the additional costs,
such as origination or application fees.
Mortgage Pre-approval. A mortgage pre-approval determines how
much money you can borrow from your lender. As a side note, many sellers
will give a better response to an offer that includes a pre-approval
letter before reviewing the buyer’s offer.
Checklist. Use a homebuyer’s checklist at each house to keep
track of important features like the amenities included, map the
neighborhood and explore the schools as needed. Now you can compare the
differences and characteristics of each home or condo in different
Market Knowledge. When you know local market and home values,
you’re less likely to overpay for a property. Your real estate agent
should be your first source of that information. A Comparative Market
Analysis and full MLS listing details of the most similar comparable
properties will help you know how much you should offer. Owners who are
eager to sell and willing to negotiate can be determined by your real
estate agent pulling up property appraiser records, days on the market,
is the property vacant etc...
Inspection. A licensed professional home inspector should be
hired to determine if there are any potential problems. Your real estate
agent can then negotiate the price or have the repairs completed per
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